ID H0092

Repeals the old Chapter 38 of Title 41 (insurance holding company systems) and replaces it with a new comprehensive regulatory framework governing insurance holding company systems and acquisitions of control.

Requires any person seeking to acquire control of a domestic insurer to file detailed statements with the director and obtain approval; establishes procedures for public hearings and director review within specified timeframes (30-56 days).

Creates registration requirements for insurers that are members of insurance holding company systems, including disclosure of affiliate transactions, financial information, dividends, and enterprise risk assessments.

Establishes standards for transactions within holding company systems requiring fair and reasonable terms, proper cost allocation, and maintenance of adequate policyholder surplus; allows the director to disapprove material transactions.

Provides the director with broad examination authority, confidentiality protections for privileged information, ability to participate in supervisory colleges with other regulators, and enforcement mechanisms including injunctions, sanctions, receivership, and recovery of improper distributions.